Types of Financial Aid

Federal Grants

Federal Pell Grant (2015-2016)This grant is awarded to eligible students after FAFSA information is reviewed and need is determined. Award amounts are based upon Federal Pell Grant eligibility. The maximum Federal Pell Grant award for the 2015-2016award year is $5,775.

TEACH GrantInterested students should contact the Office of Student Financial Services. In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students (see below for more information on high-need fields and schools serving low-income students). As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant.

IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed. Note: TEACH Grant recipients will be given a 6-month grace period prior to entering repayment if a TEACH Grant is converted to a Direct Unsubsidized Loan. More information can be found at www.studentaid.gov.

State Grants

Availability of funding for state programs is dependent on the states’ annual budget review

The Ohio College Oppor­tunity Grant (OCOG) is available to eligible students. Eligibility requires that both the student and parent be Ohio residents for at least three years and have an Expected Family Contribu­tion (EFC) of less than $2,190. Funding for OCOG comes from the Ohio Board of Regents. To apply for OCOG, complete the 2015-2016 FAFSA before October 1, 2015. For more information, please visit the following website: https://www.ohiohighered.org/ocog

PHEAA State Grant In order to be considered for Pennsylvania state grant funds, parents and students must be residents of the state of Pennsylvania. Students must file the FAFSA by May 1, 2015 and must list Mount Union first in the “universities to receive information” section. New students must print and sign the eligibility statement which is located on Mount Union’s website under the forms section.

Mount Union Scholarships, Awards and Grants

Loans

Federal Perkins LoanThis loan isgenerally only awarded to eligible students their first yearbecause of the limited funds available. A notice will be sent to all students who have been awarded the Federal Perkins Loan to go online to do the Master Promissory Note (MPN). This loan is deferred while the student is attending school at least half-time (minimum of 6 hours) and repayment will begin 9 months after the student leaves school or drops to less than half-time. The interest rate is 5%.

Federal Direct Subsidized Loan (2015-2016) Direct Subsidized Loans are for students with financial need. Students are not charged interest while in school at least half-time (minimum of 6 hours). Repayment begins 6 months after the student leaves school or drops to less than half-time.

To apply for a Federal Direct Loan, please complete the Direct Loan Request Form and submit it to the Office of Student Financial Services. Remember that 1.073% of the requested amount will be deducted to cover origination fees.

New borrowers of Direct Loans must complete Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note (MPN) online at www.studentloans.gov. They must also return a Direct Loan Request Form (found under our Forms section) to the Office of Student Financial Services via fax (330-829-2814) or email (finaid@mountunion.edu).

Federal Direct Unsubsidized Loan (2015-2016) You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, your school will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out.

You can, but are not required to, pay the interest while you are in school or during grace periods, deferments, or forbearance. Another option is to let the interest accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.

To apply for a Federal Direct Loan, please complete the Direct Loan Request Form and submit it to the Office of Student Financial Services. Remember that 1.073% of the requested amount will be deducted to cover origination fees.

New borrowers of Direct Loans must complete Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note (MPN) online at www.studentloans.gov. They must also return a Direct Loan Request Form (found under our Forms section) to the Office of Student Financial Services via fax (330-829-2814) or email (finaid@mountunion.edu).

Federal Direct Parent PLUS Loan (2015-2016)The parent borrower must be the student's biological or adoptive parent. (In some cases, the student's stepparent may be eligible.) The student must be a dependent student (according to the FAFSA). The Federal Direct Parent PLUS Loan is based on a credit check completed by the Department of Education. Credit checks performed starting March 29, 2015 will be valid for 180 days. Remember that 4.292% of the requested amount will be deducted to cover origination fees.

New standards and procedures relating to adverse credit history will apply to all PLUS Loan credit checks conducted on or after March 29, 2015.

A PLUS loan applicant has an adverse credit history if, in addition to other conditions (e.g., bankruptcy, foreclosure, tax lien, or a default determination), the applicant has one or more debts that are 90 or more days delinquent or that are in collections or have been charged off during the two years preceding the date of the applicant’s credit report. This is only if the total combined outstanding balance of those debts is greater than $2,085.

Beginning on March 29, 2015, special loan counseling will be required for any PLUS Loan applicant who has an adverse credit history but who qualifies for a PLUS Loan through the process for reconsideration due to extenuating circumstances or by obtaining an endorser for the loan.

To apply for a Federal Direct Parent PLUS Loan:

Step 1: Apply online at www.studentloans.gov. The parent must log in with the PARENT’S information NOT the student’s information. Select “Request a Direct PLUS Loan” after logging in.

Step 2: If approved, complete a Master Promissory Note for the Direct Parent PLUS Loan on the same website: www.studentloans.gov.

Private Education LoansThe private (alternative) education loan program is available to assist students in covering the remaining balance due after other financial aid has been considered. These non-federal loans are in addition to the student Federal loans already included in the student's financial aid award.

The interest rates will differ with each lender and accrues from the first date of disbursement. This loan is in the student's name, and typically the student needs a credit worthy co-signer in order for the loan to be approved. Generally, repayment begins after students graduate, or drop below 6 credit hours. Search or Apply for a Private Loan.

Nurse Education Assistance Loan Program (OHIO)The purpose of Nurse Education Assistance Loan Program is to provide financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in approved Ohio pre-licensure nurse education program who intend to serve as nurses after graduation. The annual award for the most recent academic year was $1,500/year. In exchange, to qualify for loan cancellation, recipients must be employed full-time as a registered nurse or licensed practical nurse in the State of Ohio for a minimum of five years after graduation.

Canton Student Loan Foundation Students can receive $12,000 total toward their undergraduate education and an additional $8,000 if they continue on to graduate school. Eligible students must:

Graduate from a Stark County high school; be a Stark County resident who was eligible to graduate from a Stark County high school but has graduated from a high school elsewhere; or have earned a diploma from the ABC (A Better Chance) program.

Enroll for at least 12 credit hours per term in a post high-school, undergraduate degree-granting program. This includes associate degree, technical-school and trade-school programs.

Have and maintain minimum term and cumulative grade point averages of 2.0.

Federal Work Study

Federal Work Study is a need-based fund awarded to the student. Not all students are eligible for this program.

Both tax withholding forms and work authorization forms must be completed BEFORE beginning any campus job.

If an eligible student does not work, they will earn $0 from the federal work study program.

The Federal Work Study Program provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study.

The Office of Student Financial Services will determine eligibility. If Federal Work Study is indicated on a student’s financial aid award, the amount listed is the MAXIMUM amount the student may EARN working on-campus or in off-campus community service jobs sponsored by the University. If an eligible student does NOT work, they will earn $0 from the federal work study program.

Step 1: Students must FIRST complete tax withholding forms in the Office of Human Resources in Beeghly Hall. Two original forms of identification are required (i.e. driver’s license and SS card, birth certificate, or passport).

Step 2: THEN students should pick up a work authorization form in the Office of Student Financial Services.

Step 3: Students will sign the authorization form, as well as have their supervisor sign the form.

Step 4: Students will return the completed authorization form to the Office of Student Financial Services.

Students are responsible for securing employment on campus. They may look on the “Student Job Book” on iRaider (the University’s portal) or by inquiring in person about potential openings in various departments on campus. Monthly earnings (minimum wage rate) go directly to the student and can be used as payment toward the student account or used as spending money while at school.

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